A student borrows $10,000 from a bank but ends up paying $13,000 on the

Chemistry

1 answer:

NeTakaya2 years ago

4 0

The student paid an interest of $3,000 over the next five years.

HOW TO CALCULATE INTEREST:

The interest on a borrowed amount of money can be calculated by subtracting the principal from the amount paid over time. That is;

Interest = principal - amount

According to this question, a student borrows $10,000 from a bank but ends up paying $13,000. This means that the principal is $10,000 while the amount is $13,000. The interest is calculated thus;

Interest = $13,000 - $10,000

Interest = $3,000

Therefore, the student paid an interest of $3,000 over the next five years.

Learn more about interest at: brainly.com/question/4626564

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